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Friday 26.05.2017 | Name days: Varis, Eduards, Edvards
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Practical financial advice to avoid wasting money on New Year’s celebration

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUChristmas is not far away. As the family holiday comes closer, people worry about getting gifts. The most important question to consider is whether or not there is enough money to afford everything.

To make sure the holiday spirit does not drift away and does not result in more worry than fun, it is recommended to plan out purchases in advance. Financial education platform aiznemiesatbildigi.lv, has compiled a list of useful advice so that people do not end up penniless on Christmas.

Save money reasonably

It would be smart to start saving money as early as possible for Christmas – at least two or three weeks in advance. Just start diverting an amount of money from your monthly salary. A good amount to save divert is 20% of the weekly budget.

There are many different apps that can help follow your financial health and make clever purchases: Money Lover, Our Groceries Shopping List and ShopSavy Barcode Scanner.

Make a list of purchases

Make a list of important purchases: food, gifts and household appliances necessary for the celebration. Carefully consider their worth and stick to this list. Be sure to use deals, discounts and sales to your advantage when shopping.

Set a specific budget for Christmas purchases

Set yourself a specific limit for affordable Christmas expenses and include all the possible expenses you can think of that will fit that budget: food, gifts and unexpected situations that can arise in winter.

It is also a good idea to check the state of your card account. It will help plan out expenses, compare the amount of money remaining on the bank account and measure the time left until Christmas. Do this to ensure there is room and time to stop any unexpected expenses.

Before buying anything on a foreign internet store, check to see is the seller is reliable. Remember – small knick-knacks to for Christmas bouquets and gift-wrapping materials can be expensive, so do keep that in mind before recklessly spending money on seemingly irrelevant purchases.

Use loan offers reasonably

If your chosen gift is too expensive for you to afford on your own and you would need a loan to afford it, think carefully before using loan services to make sure it does not impact your financial situation next year.

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